KLCI falls on Deepavali eve as selling pressure persists

KLCI falls on Deepavali eve as selling pressure persists
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KUALA LUMPUR (Oct 17): The FBM KLCI dipped 5.38 points or 0.3% today, amid persistent selling pressure ahead of the mid-week Deepavali break, as local market sentiment ignored the uptrend in commodities and regional markets.

Having traded mostly sideways for much of the day, the benchmark fell to as low as 1,748.99 after 4pm, where it stayed till the end of trading hours.

When contacted, Hong Leong Investment Bank analyst Low Ley See said investors' interests are still limited to small- and mid-caps ahead of the Budget 2018 presentation on Oct 27, and the upcoming third quarter financial results announcements.

“Investors are waiting for fresh buying catalysts. They are still monitoring the US dollar and the crude oil price. There is also an overhang ahead of the upcoming election,” Low told theedgemarkets.com.

Meanwhile, Reuters reported Asian shares held firm on optimism about upcoming earnings, while oil prices clung to this month’s high on Tuesday, after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters.

Across Asia, Hong Kong’s Hang Seng Index inched upwards by 0.08% towards its 10-year high, while Japan’s Nikkei 225 rose 0.38% to its 21-year high. South Korea’s KOSPI strengthened 0.17% for another fresh all-time record.

At 5.03pm, the ringgit weakened to 4.2235 against the greenback, after two consecutive days of gains.

Back on Bursa Malaysia, decliners led gainers by 468 to 365, while 415 counters traded unchanged. Some 2.89 billion shares, worth RM2.28 billion, were traded.